Just for some perspective, this is one of the largest construction loans in Chicago's history. And it might be the largest construction loan for an adaptive reuse project in Chicago, as well as one of the largest of this sort in US history. And the lender is JP Morgan Chase, no less. A huge bet.

Just for some perspective, this is one of the largest construction loans in Chicago's history. And it might be the largest construction loan for an adaptive reuse project in Chicago, as well as one of the largest of this sort in US history. And the lender is JP Morgan Chase, no less. A huge bet.

This is most certainly big news.

with no big tenant signings announced, does the fact that they landed a $500m loan give credence to maybe some behind the scenes guarantees of a giant online retailer committing to the space?

JP Morgan definitely wouldn't do this without pre-leasing. But that doesn't mean the building already has tenants lined up... it just means JP Morgan wouldn't fund until a certain percentage of the building is under lease.

None considering the subs are the ones getting blasted by OSHA, not the owners or even the GC. Also:

$225,000 / $500,000,000 = 0.045%

And that's just on the total construction costs, not including acquisition costs of the building. Two hundred grand might sound like a lot to the average person, but it's not even a blip on the radar for a project of this size.

So, 601W Companies who owns the Old Post Office bought the parking lot on Clinton between Harrison and Congress - just to the west of the Holiday Inn which is across from Old Post Office. They bought this for $10M on 12/5.